Oppenheimer Sets Up New Wholesale Regions

OppenheimerFunds Inc. is creating two new wholesaler territories to sell its mutual funds through banks.

The New York-based company recently hired John Donovan, a veteran investment products wholesaler most recently with Golden American Life Insurance Co., for the newly created New England region. He starts this week.

Oppenheimer's New England region was previously part of one that included New York State. In addition, the fund company is carving out separate territories for the New York City area and upstate New York, said Maryann Bruce, head of its bank sales division.

Michael Raso, the wholesaler who ran the New York/New England region, will take over the New York metro area, and Oppenheimer is looking to hire a wholesaler to handle the upstate region.

Oppenheimer now has 15 sales territories. The company, one of the five biggest fund sellers through banks, expects sales through that channel of at least $3.4 billion this year, Ms. Bruce said.

First-half sales were up nearly 60% from the same period a year ago, to $1.7 billion, she said.